Know who you are doing business with
SurePay CoP helps you make more informed payment decisions and reduces your exposure to CEO and impersonation fraud.
Within milliseconds, the solution will check the payee's name, account number and sort code of every payment you are making, alerting you to any input error or fraud risk - before any money is sent. The same capability can also improve the efficiency of your customer onboarding processes, helping to ensure you know who you are doing business with. What's more, API connectivity means CoP can easily be integrated into your systems and processes.
But don't just take our word for it. Over 300 organisations are already using our CoP solution.
Key benefits of CoP for Organisations
More efficient payment processes
- Up to 90% less dropouts during onboarding
- Less time spent on manual checks
- Auto 'joint account' notification
- Completed in milliseconds, without impacting the UX
- High availability, 24x7
Always safe and secure
- Satisfies all payment industry security standards
- Data only stored for a limited time, and always within Europe
- Access via an encrypted SSL, using TLS1.2
- HTTPS and IP whitelisting access protection
- Unique API-key identification to prevent phishing
Reduce risk of fraud
- Know your payments are going to the intended recipient
- Clarity on whether it's a business or private account
- Direct insights into closed accounts
- Minimise APP, CEO and impersonation fraud
- Cross border checks to identify scams
A cross border solution
SurePay can also offer a real-time name checking solution for overseas banking account. The cross border check means your international payments are able to enjoy the same fraud protection benefits as your domestic payments. It gives you the added peace of mind that comes with being able to protect your whole customer and supplied base before making a payment.
Our service is integrated by almost 100 banks and 300+ organisations
Daniel de Swart STRATO
"Since the introduction of CoP we have seen a reduction of more than 80% in fraudulent orders compared to the previous year.”
"We selected SurePay to support our delivery of CoP, because of their experience in the Dutch market and excellent understanding of complex name matching issues.”
Frequently Asked Questions
CoP for Organisations
How can the CoP check help my company?
The SurePay CoP check can help your company in several ways - our existing customers generally use it to overcome three issues:
- Make sure who your customer is: implement the CoP check at the onboarding of new customers to ensure the process goes as fluently as possible and to decrease the chances of fraud.
- Ensure you have the correct payment details: implement the CoP check in your payment system to ensure that your payment or invoice goes to the right person or company.
- Speed up the process: manual checks on your customer and/or suppliers costs time and resources. Our API solution works instantly and shows in a blink of an eye if the provided name corresponds with the payee name and bank account.
Can you give examples of client cases?
Several of our clients applied the CoP service at their onboarding and client accepting process. They recorded a 90% decrease in drop-outs during onboarding and a 80% decrease in fraudulent onboarding.
Example clients: The Netherlands’ largest insurance companies and Atom Bank in the UK.
Many of our clients make use of the CoP service to reduce the percentage of uncollectible invoices. Our clients saw a decrease of 50% in overall uncollectible invoices as a result of implementing our CoP solution.
Example clients: We performed millions of CoP checks for the Dutch government and HMRC for the Covid-19 payouts.
Which accounts can be checked for CoP?
All Sterling accounts of CoP participating banks can be checked. The check can be applied on both personal and business accounts.
As from March 2020, the CoP service is live in the UK for all major banks. Since then, new banks are joining the CoP scheme every month and thereby increasing the coverage.
On an international level, SurePay is able to provide the service across borders as well. This service is available in countries where SurePay is currently active. For more information please fill in the contact form